Describe some of the ways in which firms differentiate their products.
What will be an ideal response?
Firms might differentiate their products on the basis of physical characteristics, location, services, or image, among other things.
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Which statement is true about the perfect competitor in the short run?
A. He may make a profit, but he won't take a loss. B. He may take a loss, but he won't make a profit. C. He will break-even. D. None of the statements are true.
A forward exchange market contract obligates the owner to make a trade at a specified exchange rate a fixed number of days in the future
Indicate whether the statement is true or false
We have two players A and B, where A can go L or R, and B can go T, B, or R. The payoffs are decided after this. Which of the following is a characteristic of such games?
A. Backward induction B. Simultaneous moves C. Dominant strategies D. Sequential moves
If employees' activities follow the economists' view of behavior, managers will be most effective if they can
A. influence the costs and benefits of employee actions. B. improve employee satisfaction with the job. C. fire inefficient employees. D. communicate goals and objectives effectively to their employees.